Ch. 444                                          LAWS OF MARYLAND

CHAPTER 444

(House Bill 631)

AN ACT concerning

Creation of a State Debt - National Aquarium
in Baltimore Loan of 1988

FOR the purpose of authorizing the creation of a State Debt in
the amount of $3,000,000, the proceeds to be used for a
grant to the Mayor and City Council of Baltimore for
developing, improving, expanding, constructing, and
equipping the National Aquarium in Baltimore, subject to the
requirement that the Mayor and City Council of Baltimore and
the National Aquarium in Baltimore, Inc., jointly provide at
least an equal and matching fund of a certain kind for the
same purpose by a certain date; and providing generally for
the. issue and sale of bonds evidencing the loan.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That:

(1)  The Board of Public Works may borrow money and incur
indebtedness on behalf of the State of Maryland through a State
loan to be known as the National Aquarium in Baltimore Loan of
1988 in the total principal amount of $3,000,000. This loan
shall be evidenced by the issuance, sale, and delivery of State
general obligation bonds authorized by a resolution of the Board
of Public Works and issued, sold, and delivered in accordance
with §§ 8-117 through 8-124 of the State Finance and Procurement
Article and Article 31, § 22 of the Code.

(2)  The bonds to evidence this loan or installments of this
loan may be sold as a single issue, or may be consolidated and
sold as part of a single issue of bonds under § 8-122 of the
State Finance and Procurement Article.

(3)  The cash proceeds of the sale of the bonds shall be
paid to the Treasurer and first shall be applied to the payment
of the expenses of issuing, selling, and delivering the bonds,
unless funds for this purpose are otherwise provided, and then
shall be credited on the books of the Comptroller and expended,
on approval by the Board of Public Works, for the following
public purposes, including any applicable architects' and
engineers' fees: for a grant to the Mayor and City Council of
Baltimore for the purpose of developing, improving, expanding,
constructing, and equipping the National Aquarium in Baltimore.

(4)  An annual State tax is imposed on all assessable
property in the State in rate and amount sufficient to pay the
principal of and interest on the bonds, as and when due and until

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